GE Money Home Lending is reducing rates on loans over £250,000 by up to one percentage point.

It said the move was in response to feedback from its intermediaries.

The new rates on loans between £250,000 and £500,000 take effect from today and now start from 2.79% on its two-year discount product and 3.79% on its two-year fixed rate mortgage.

In addition GE Money is improving its time to offer by accepting scanned copies of all documents except the original application form, any legal documentation and accountants’ certificates (if required).

It is also enhancing its new build criteria to allow loans up to 80% LTV and valuing properties as new.

Gerry Bell of GE Money Home Lending said: “With rates starting from 2.79%, we can now offer some of the most competitive rates from a specialist lender.

“Added to improvements to our new build policy and reducing time to offer we think this is a compelling package for intermediaries and their customers.”